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$500 – One-time top-up to the Canada Housing Benefit

What is the Housing Benefit? The government announced the one-time $500 federal boost to the existing Canada Housing Benefit program in the fall, pledging to help those eligible cover the…

CPP – EI Calculations 2022 and 2023

Canada Revenue Agency

9 CRA Benefits Payment Dates for 2023

CRA Benefits

If you receive federal benefits, including some provincial/territorial benefits, you will receive payment on these dates. If you set up direct deposit, payments will be deposited in your account on…

Cash Vs. Accrual Accounting Methods?

Accounting

What are the Types of Accounting Methods? There are two methods of accounting: cash-based and accrual-based. These two methods will dictate how income is recognized based on the timing of…

10 Tips on how Uber & Lyft Drivers Can Save Tax in 2022?

Canada Revenue Agency

Deductible expenses are what helps lower your tax owing, so be sure to claim all your eligible costs. These include: 1. Mileage The Uber tax summary of total online kilometers…

New CRA campaign from June to December 2022 – focuses on Personal Services Businesses: Are you ready?

CRA

The Canada Revenue Agency is escalating their scrutiny of personal services businesses, and the consequences for breaching these tax rules can be severe. Find out what you need to know…

8 Essential Tips for Ease of Use of QuickBooks Online

Accounting

1. Open Multiple Browser Windows When using QuickBooks Online, opening multiple windows is a huge timesaver as it allows you to flip back and forth between screens. It’s also an…

5 Reasons to Consider a Career in Bookkeeping

Accounting

As long as there are businesses, there will be a need for bookkeepers. The field of bookkeeping is both interesting and in great demand. Bookkeepers work with numbers and provide…

Labour and Employment Standards –Payroll 2022

CRA

Minimum Wage | Overtime Pay | Vacation Pay and Entitlement (2022) Labour and Employment Standards – June 1st 2022 Minimum Wage Rates are one of the key features of labour…

Depreciation and Capital Cost Allowance – Read for Bookkeeping and Income Tax T2 Courses

Accounting

What is Depreciation? Depreciation refers to the accounting practice dealing with assets as they get older and decrease in value. The Canada Revenue Agency (CRA) lets your business claim a…